KAMPALA– In a bid to expand Uganda’s insurance market, players in the insurance business are increasingly focusing on initiatives designed to make the insurance agency business more attractive.
By offering recognition through awards and incentivising their agents for exceptional performance, these companies aim to boost motivation, enhance service quality, and ultimately increase market penetration.
For Jubilee Life Insurance, this approach has been exemplified in its annual Jubilee Club Membership Gala, where top-performing agents are recognised.
The company says it is committed to rewarding and retaining its agents, who are essential in driving sales, raising awareness, and promoting insurance products across the country.
On Thursday, Jubilee Life held the awards event at the Golf Course Hotel, Kampala, where agents were recognised in different categories.
These awards, based on performance metrics such as persistence, Gross Written Premium (GWP), and the number of policies sold, help agents see tangible rewards for their efforts, creating a sense of accomplishment and a clear path for career growth.
Performance-Based Recognition Drives Growth
Dorcus Kuhimbisa, Chief Operations Officer at Jubilee Life, said the company has placed emphasis on tracking key performance indicators to reward agents.
Among others, she said the event recognised metrics such as persistence, which measures how long clients stay with an agent. By rewarding agents for customer retention, the company encourages them to maintain ongoing relationships with clients.
Additionally, agents are recognised for their contributions to the company’s financial growth, with GWP serving as a major performance indicator.
“We want to ensure agents focus on customer retention while also bringing in new business,” she said.
The recognition also includes the number of policies sold, reinforcing the importance of increasing market reach.
Industry Outlook and the Way Forward
The Ugandan insurance industry has made strides in recent years, with Jubilee Life standing among the top five insurers in the country.
According to Linas T. Batya, Chief Agency Officer at Jubilee Life Insurance, the company is working to ensure that its agents are well-trained and equipped to provide the best financial advice to their customers.
“The steps we are taking through increased training and digitisation are crucial for the future of the industry. The goal is to keep building our agency force to serve a wider range of customers, which will further solidify our position in the market,” he said.
Agents walked away with award plaques in the various categories including Platinum, Diamond, Gold, Silver, Bronze and all expense paid trips to various holiday destinations, in and out of the country.
